Virginia Code 58.1-638.3: (Contingent expiration date) Disposition of 0.3 percent state and local sales tax for transportation
Current as of: 2023 | Check for updates
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A. The sales and use tax revenue generated by the 0.3 percent sales and use tax increase enacted by the 2013 Session of the General Assembly shall be deposited into the Commonwealth Transportation Fund established pursuant to § 33.2-1524.
Terms Used In Virginia Code 58.1-638.3
- Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- Use: means the exercise of any right or power over tangible personal property incident to the ownership thereof, except that it does not include the sale at retail of that property in the regular course of business. See Virginia Code 58.1-602
- Use tax: refers to the tax imposed upon the use, consumption, distribution, and storage as defined in this section. See Virginia Code 58.1-602
B. The net revenues distributable under this section shall be computed as an estimate of the net revenue to be received by the state treasury each month, and such estimated payment shall be adjusted for the actual net revenue received in the preceding month. All payments shall be made to the funds set forth in subsection A on the last day of each month.